I am in charge of developing a patch management policy for our organization (about 450 users). Before I begin creating a patching framework specific to my environment, are there any specific factors I should take into consideration?

It's great that you are approaching the issue of patch management from a policy perspective first -- this is definitely one of the keys to success. For an organization of your size, I would not make the policy overly complicated. At a minimum, ensure the following issues are accounted for in your policy:

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